Irish Bitcoin Broker Claims Country's Banks Are Closing Crypto-Related Accounts

The co-founder of Irish Bitcoin broker Eircoin accused the Banking and Payments Federation of Ireland of discriminating against crypto-related accounts, The Irish Times reports June 21.

According to Fleming and his business partner Roisin Coogan, banks also refused banking services to a new secondary consulting business.

"If any of the Bitcoin sellers in Ireland were involved in terrorist financing I'm sure it wouldn't be a bank discussing it with us, it would be the law."

The Irish banks, in turn, denied discriminating against crypto-related businesses.

According to The Irish Times, the BPFI, which represents 70 financial institutions, stated that it was not aware of a policy that would allow banks to close the accounts of crypto-related businesses.

One of the leading Irish banks, AIB, also denied claims that it was refusing banking services to crypto-related firms.

The bank added that they are required to adhere to AML and know your customer regulatory requirements for opening and operating bank accounts.

Banks in numerous countries have shut their doors to crypto businesses and exchanges.

In May, Poland's largest crypto exchange BitBay suspended its activities in the country because banks refused to offer them services.

Crypto exchanges in both Finland and Chile have risked total closure as the respective countries' banks are unwilling to do business.